Cryptocurrency News

Wallet provider Ledger raises $380M to welcome DeFi ecosystem

Following a dramatic increase in its revenue in the first quarter, crypto security and infrastructure company Ledger has completed a new fundraising round led by 10T Holdings.

Known for its Ledger Nano S and Nano X hardware wallets, Ledger announced The closing of a $380 million Series C fundraising round, which gave the company a valuation of $1.5 billion.

Ledger’s Series B round investors Cathay Innovation, Draper Associates, Draper Dragon, Draper Esprit, DCG, Wicklow Capital participated in the new fundraising. Tekne Capital, Uphold Ventures, Felix Capital, Inherent, Financire Agache (Group Arnault) and iAngels Technologies were the new investors.

Ledger CEO Pascal Gauthier said The Series C investment round will transform Ledger from a digital asset security company into a secure gateway to the entire digital asset ecosystem. “This industry is rapidly becoming mainstream and is shaping the entire financial sector and beyond,” he said.

Ledger will use the $380 million to develop new products and add decentralized financial solutions to Ledger Live, the company’s wallet software. The company is also looking to strengthen its Ledger Enterprise Solutions, a cloud-based digital asset custody service.

As digital assets become more mainstream, Ledger expects the amount of assets held on its products to increase, the announcement reads. The company seeks to position itself as a secure gateway to the ecosystem as it has diversified to include non-fungible tokens, real estate and other blockchain-based forms of value.

Thanks to the bull market earlier this year, 500% increase in laser in revenue in the first quarter of 2021. The company has hired former eToro and Opera leads, and it is still looking to expand its workforce.

laser experienced a major data breach Personal information of more than 270,000 Ledger customers was leaked in December 2020. Per the report, the leak also included 1 million emails from Ledger wallet owners and customers who were signed up to the company’s newsletter service.